Multi-chain options trading platform – Oddz Finance has now integrated with Polygon (formerly Matic Network) to make DeFi accessible to all users. The DeFi craze that started in the summer of 2020 has led to a significant jump in the number of DeFi protocols being developed on the Ethereum blockchain. As more and more users started using these protocols, we saw a rise in the number of pending transactions on the network.
As shown in the image above, there has been a significant increase in gas fees over the months, which has prevented many newbies to enter this niche space, but Oddz Finance thinks differently.
They have developed different instruments like Easy Options and Customised Options on their platform, which will help beginners trade options for low quantities of Bitcoin and Ethereum. Their zero gas fee model has been powered by their partnership with Biconomy. Moreover, they are developing Oddz Finance on Ethereum, Polkadot, Binance Smart Chain (BSC) to ensure users have access to multiple blockchain networks.
This integration of Polygon on Oddz Finance can be summarized in the following points:
- Oddz Finance integrates with Polygon to improve the user experience on the platform by reducing the gas fees and increasing the transactions per second (TPS) on the platform.
- Oddz Finance will be the first options trading platform to have partnered with Polygon.
- This partnership with Polygon adds to our broader vision of bringing DeFi and options trading to more people.
This integration of Oddz Finance with Polygon (a layer 2 solution) will help to reduce the gas fees significantly while increasing the transactions per second (upto 7000 on a single sidechain) on the network.
Layer 2 refers to a secondary framework or protocol that is built on top of an existing blockchain system. The main goal of these protocols is to solve the transaction speed and scaling difficulties that are being faced by the major cryptocurrency networks.
As Aishwarya S. Haroshivanahalli, Co-Founder and CEO of Oddz Finance said, “We do not want options traders to complain about the high gas fee or low throughput on our platform. Layer 2 solutions, like Polygon, are the best way forward. Happy to join hands with Polygon to make options trading on DeFi a cakewalk!”
Oddz Finance will be the first options trading platform to have integrated with Polygon and it seems that their vision is clear – Bring it to the masses! This integration will provide users with multiple blockchain networks to choose from, based on their needs. As Arjun Kalsy, VP Growth at Polygon said, “We’re pleased to welcome Oddz Finance’s On-Chain Option Trading platform to Polygon, allowing traders to leverage Polygon’s high-speeds to expedite the execution of contracts, trades and futures, all while ensuring an affordable on-chain experience.”
Overall, this partnership with Polygon looks promising. Users will be able to buy call and put options on a very simple user interface while eliminating all the drawbacks which restrict people from starting their DeFi journey.